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7alliances and EmbargoV ! / N 21 M A R C H 1801, two days before the murder of TsarPaul, representatives of France and Britain began to hamme rout a treaty of peace between their two nations. Neither Francenor England was exhausted enough to make the details of thepeace easy to work out, and months of wrangling were necessarybefore the final signatures were appended to the finaldocument. But that moment did come—the date was 25March 1802—and Britons and Frenchmen stopped trying tokill each other for the first time in close to a decade. 1Th e decline of mass homicide in Europe had an appallingeffect on American commerce. Long before the final peace,shrewd American merchants were paring dow n the capitalthey had laid out on speculation, demanding payment of theirloans, and generally preparing for foul economic weather.Jacob Crowninshield, merchant of Salem, wrote in Novemberof 1801,It now behooves us to look about us, sell all we can to goodmen, buy as little as possible in order to lessen our payments,